Financial Report 2020

103 The University of Hong Kong 香港大學 Notes to the Consolidated Financial Statements 合併財務報表附註 (ii) 可收回的應收賬項 本機構根據應收賬項可收回數額之 評估而計提應收賬項減值準備。當 有任何事件發生或環境變化，顯示 賬項可能無法收回時，便會確認減 值準備。鑑別應收賬項減值時需要 運用判斷及估計。當預期與當初估 計不同時，而有關差異會影響應收 賬項的賬面值，應收賬項的減值會 於該項估計改變的年度確認。 其中一項應收賬項與一項預期還款 時間延伸至數個會計年度的中國內 地醫院項目有關。管理層對應收賬 項的可收回性進行了評估，並認為 不需要對二零二零年六月三十日的 應收賬項進行減值。管理層已作出 會計判斷以估計現金流量的時序和 適當的折現率。 (iii) 投資估值 在活躍市場買賣的金融工具之公平 值根據每個報告期末的市場報價列 賬。 沒有活躍市場買賣的金融工具，如 對沖基金及結構性存款，其公平值 根據既定的估值技術釐定。 36. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – Cont’d 主要會計估計及判斷 － 續 (ii) Recoverability of receivables The Group makes provision for impairment of accounts receivable based on an assessment of recoverability of the accounts receivable. Provisions are applied to accounts receivable where events or changes in circumstances indicate that the balances may not be collectible. The identification of impairment of receivables requires the use of judgement and estimates. Where the expectations are different from the original estimates, such differences will have impact on the carrying value of receivables and impairment of receivables is recognised in the year in which such estimates have been changed. Within accounts receivable, there is a receivable relating to a hospital project in Mainland China where the expected repayment profile extends over several accounting periods. Management has performed an assessment on the recoverability of the receivable and considered no impairment is necessary on such receivable as at 30 June 2020. Judgement has been made in estimating the timing of cash flows and an appropriate discount rate. (iii) Valuation of investments The fair values of financial instruments traded in active markets are based on quoted bid prices at the end of each reporting period. The fair values of financial instruments that are not traded in an active market, which include hedge funds and structured deposits are determined using established valuation techniques. Notes to the Consolidated Financial Statements 合併財務報表附註 2020 Financial Report 二零二零財務報告 104 (iv) 釐定租約年期及貼現率 於釐定租約年期時，管理層會考慮 引發行使延長租約選擇權或不行使 終止租約選擇權的經濟動機的所有 事實及情況。延長租約選擇權（或 終止租約選擇權後的時期）僅於合 理肯定租約將會延長（或不會終止） 時計入租約年期。由於無法合理肯 定租約將會延長（或不會終止），故 此潛在未來現金流出並無計入租賃 負債。倘因發生重大事件或情況出 現重大改變而影響評估，並於承租 人掌控之中，則須檢討有關評估。 在釐定貼現率時，機構須於租賃開 始日期及變動生效日期，考慮相關 資產的性質與該租賃的條款及條 件，就釐定貼現率作出重大判斷。 本機構的資本管理宗旨是保障本機構有 能力持續經營，以提供高等教育及科研， 並維持最佳資本結構，以減低資本成本。 本機構因應經濟情況的變化和其活動的 風險特徵來管理其資本結構並作出相應 調整。 36. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS – Cont’d 主要會計估計及判斷 － 續 (iv) Lease term and discount rate determination In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Potential future cash outflows have not been included in the lease liability because it is not reasonably certain that the leases will be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. In determining the discount rate, the Group is required to exercise considerable judgement in relation to determine the discount rate taking into account the nature of the underlying assets and the terms and conditions of the leases, at both the commencement date and the effective date of the modification. 37. CAPITAL MANAGEMENT 資本管理 The Group’s primary objective of capital management is to safeguard the Group’s ability to continue as a going concern to provide tertiary education and research, and to maintain an optimal capital structure to reduce the cost of capital. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its activities.